E-invoicing has been the biggest and one of the most talked-about changes when it comes to GST in 2020. Read all about E-invoicing and its applicability with following heads/parameters...
The e-invoice received from the suppliers will have the extra-information related to IRN. Hence, the recipients now need to verify the same and keep it for records.
Understanding E-invoicing and QR code generation for B2C transactions made easy! Also read, all about QR Codes in case of B2C invoices and transactions.
E-invoicing model has been adopted by many countries globally with varying implementation models. The Indian adoption consists of following components.
The GST Council in its last meeting pushed the e-invoicing mandate to 1st Oct 2020. Here are 5 key areas which need to be strategized considering the overall impact of e-invoicing on current practices, cost and efforts.
As a concept, e-invoicing has many advantages to offer to all the participants – suppliers, recipients and the Government. It also opens up avenues to provide value-added solutions and services by using the highly standard, processable and recent invoice data.
GST News | Budget 2020 in GST – Highlights | Advisory for GSTR-9 and 9C Simplification | Feature Highlight – EasyWayBill | E-Invoicing
On 13th Dec 2019, Government notified the e-invoicing rules, its applicability and date from when the notified rules will be effective. In all there were 5 notifications and a summary of notifications.
The new returns, which are supposed to be simplified, if followed in complete sense, can actually decrease the compliance processes. With real time invoice matching and monthly reconciliations, it will not only make compliance easier but would also boost tax revenues.
